South Korea Proposes Bank-Led Consortiums for Won-Pegged Stablecoin Issuance
South Korean regulators are advancing plans to restrict the issuance of won-pegged stablecoins to consortiums where commercial banks hold majority stakes. The proposed framework, discussed in a closed-door meeting involving lawmakers, financial authorities, and banking representatives, mandates at least 51% bank ownership in issuing entities.
The MOVE forms part of broader efforts to establish a comprehensive Digital Asset Basic Act. "The controversial issue of stablecoin issuance has been resolved through a consortium model," confirmed Kang Junhyun of the Democratic Party, noting alignment between the Bank of Korea, Financial Services Commission, and banking sector.
This regulatory push comes as South Korea approaches a decisive phase in digital asset governance. The consortium structure positions traditional banks as primary gatekeepers, with fintech firms playing secondary roles in stablecoin ecosystems.
